NEW YORK, March 28, 2017 /PRNewswire/ -- The global ITS market is estimated to reach $72.32 billion by 2022.

DescriptionThe overall demand for intelligent transportation systems (ITS) is increasing significantly owing to factors such as growing demand for vehicles and rising urbanization leading to space congestion within the city limits. This has led to the requirement of more sophisticated infrastructure and advanced systems to manage traffic and space scarcity. The market is estimated to witness a growth at a CAGR of 7.9% over the period of 2017 to 2022. The report is a compilation of market size and future growth potential of the ITS market across different transportation modes such as roadways, railways, airways, and marine.

The report provides a detailed market analysis and forecast with respect to various applications involved in the ITS market for roadways such traffic management, public transportation, road safety & security, tolling, parking management, freight management, tunnel management & safety, environmental monitoring, and road–user charging. On the basis of type, the ITS market for roadways is segmented into: Advanced Traffic Management System (ATMS), Advanced Transportation Pricing System (ATPS), Advanced Traveler Information System (ATIS), Advanced Public Transportation System (APTS), Commercial Vehicle Operations (CVO), and Advanced Rural Transportation System (ARTS).

While highlighting the key driving and restraining forces for this market, the report provides a detailed study on the different applications of ITS used for railways, which include railway crossing management, freight services, cost management, passenger services, and infotainment. The global ITS market for airways is segmented by applications such as air traffic management, security & surveillance, shuttle bus tracking, traveler information, smart ticketing, and emergency notification. The report also incorporates ITS market for marine and is breakdown by application- vessel traffic management, freight arrival and transit, real time weather information, and emergency notification. The report examines the role of the leading market players involved in the industry.

The report addresses the following key questions about the global ITS market:- What is the global ITS market size in terms of value from 2015-2022?- Which mode of transportation is currently leading and is the fastest growing in the global ITS market?- What is the dominant application and system by value in the ITS market for roadways?- What is the revenue generated by the different applications in the global ITS market for railways from 2015-2022?- Which application will lead by value in the ITS market for airways by the end of the forecast period?- What is the dominant application by value in the ITS market for marine?- What are the different factors driving the market forward in the forecast period?- What are the major factors challenging the growth of global ITS market?- What type of new strategies are being adopted by existing market players to make a mark in the industry?- Which region will lead the global ITS market by the end of the forecast period?

The report includes an exhaustive analysis of the geographical split into North America (U.S, Canada), Europe (Germany, U.K, France, Italy, Others), Asia-Pacific (China, Japan, South Korea, Australia, Others) and Rest of the World (Latin America, Middle East and Africa). Each geographical region analysis details the individual push and pull forces in addition to the key players from that particular region.

Executive SummaryThe rise of Intelligent Transportation Systems (ITS) in the market has been significant due to the growing demand for vehicles and increasing urbanization leading to space congestion within the city limits. This has led to an impending requirement of larger degree sophisticated infrastructure and advanced systems to manage issues of traffic and space scarcity.

The main objective of ITS is to evaluate the condition of the vehicle and its surroundings and accordingly integrate new performance measures into the vehicle to achieve traffic efficiency, enhance safety and improve environmental quality, while establishing a omfortable environment for the driver. ITS is the term used to describe the use of advanced technological systems such as computers, sensors and communications to improve upon the various modes of transportation systems. Since its inception in 1960s, ITS has evolved rapidly over the years and has been a major part transportation systems benefiting travelers and concerned authorities. Increased allocation of funds by governments and growing public-private partnerships to deploy ITS are playing an important role in promoting ITS.

The report defines and estimates the market size and future growth potential of the ITS market across different transportation modes such as roadways, railways, airways, and marine. The global ITS market is estimated to reach $72.32 billion by 2022. The market is driven by factors such as increasing traffic congestion, increasing need for environmental protection, and growing demand for road safety and security. Need for interoperability and standardization along with lack of infrastructure in developing countries are some of the major factors which are hampering the overall market growth. However, increased public-private partnerships, emergence of driverless vehicles, and opportunities in developing countries are some of the major factors which will positively influence the industry in the forecast period.

ITS technologies for roadways are helpful in enhancing mobility, enhance safety, improve environmental conditions, and reduce traffic congestion, thus improving the efficiency of overall road transportation systems. On the basis of applications of ITS market for roadways, traffic management generated maximum revenue and accounted for ~38% share in 2015. The problem of traffic congestion is spreading globally, creating numerous difficulties for travelers such as unpredictable delays in reaching the destinations is responsiable for the major share of this application. The parking management application is expected to grow at the fastest rate in comparison to other applications in the ITS market for roadways. Increasing number of vehicle ownerships has led to scarcity of parking spaces is driving the growth of parking management application.

Advanced Traffic Management System (ATMS) contributed maximum revenue to the ITS market for roadways. Growing vehicle ownership and migration from rural to urban areas are major reasons behind the increasingly deployment of ATMS. During the forecast period, Advanced Public Transportation System (APTS) is expected to grow at the fastest rate in comparison to other systems of ITS for roadways. Increasing public-private partnerships and growing investment on real-time information systems for bus/rail passengers are driving the demand for APTS.

The railway transportation network is one of the central backbones of transportation systems of many major countries wherein deployment of ITS will increase its efficiency and safety. Rapid development of intelligent systems can be effectively integrated over the existing infrastructure of railways to enhance safety, mobility, and efficiency.

Freight services application of the ITS market for railways generated maximum revenue in 2015. Freight services increases the transparency as it provides the real train information on wagon booking and payment, wagon shunting and train scheduling. Freight management systems also provides real-time train-wagon-cargo status and location tracking. Passenger services application is expected to grow at the fastest rate in comparison to other applications of the ITS market for railways. The ITS for passenger services provides real time passenger information, location, nature of journey, distance travelled, upcoming stations, delay time, and baggage information among others.

Among all major modes of transportation in ITS, airways is expected to grow with the highest CAGR during the forecast period. This is due to increasing need of efficient and best airline transport experience along with the growth in air traffic. Air traffic management and control application of the ITS market for airways contributed maximum to the revenue. Air traffic management system offers integrated gate-to-gate solutions ensuring efficient traffic handling operations that helps to make the skies efficient, safer, and greener.

The security & surveillance application is expected to grow at the fastest rate in comparison to other applications of the ITS market for airways. ITS provides safety and security solutions for airports with systems such as access control, Closed-Circuit Television (CCTV) surveillance, passenger and baggage screening system, air cargo inspection system, intrusion detection and perimeter protection system, and secure communication system.

Increasing developments in electronic sensors, telecommunications, and computing have created wider opportunities for ITS in the marine sector. Even though the ITS market for marine holds a small share but is expected to increase at a significant growth rate in the forecast period owing to benefits such as ensuring safety of the fleet and cargo, lowering operating cost, increased efficiency, and easy navigation among others.

Vessel traffic management application of the ITS market for marine generated maximum revenue and in 2015. Vessel traffic management aims at reducing the risk of marine accidents by providing real-time information to mariners and allied services. Real-time weather information application is expected to grow at the fastest rate in comparison to other applications of the ITS market for marine. Real-time weather information on tidal/offshore is gathered by a system that consist of the hardware, software and communications interfaces.

This system includes satellite weather information and environmental sensor stations (ESS) that uses water-level sensors to monitor weather conditions.North America leads the global ITS market and this region has always been a dominant partner in all the major technology oriented markets. In addition to this, a strong presence of key players offering ITS solutions and various R&D activities carried out in the region played an important role. ITS market in Asia-Pacific (APAC) is expected to grow at the highest rate in comparison to other regions during the forecast period. Developing ITS applications at the national level is important for Asian countries owing to factors such as growing urban population and high passenger car registration leading to congestion and pollution. In addition to this, increased government initiatives towards the implementation of ITS across several developing countries in the region is also driving the market growth in APAC.

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